Lenders Reprice for Worse. Mortgage Rates Move Higher

After making marginal improvements yesterday, the interest rate market gave back all gains in the overnight session. This weakness was then supported by better than expected housing and industrial production data as well as a generally better outlook from the FOMC minutes. On top of that, stocks improved on the day. All of these factors combined to push mortgage rates higher at the open, and then even higher this afternoon as lenders repriced for the worse. – Victor Burek

Mortgage Rates See Small Decline Ahead of Busy Day of Data

Last Friday, although mortgage-backed securities prices did move higher, the improvements did not lead to reprices for better as banks were reluctant to pass along better mortgage pricing with a long 3-day weekend ahead. U.S. markets were closed yesterday in honor of President’s Day.   The only economic report to hit the news wires this morning was the Empire State Manufacturing Survey.   Each month, the New York Federal Reserve conducts a survey of approximately 175 manufacturing executives in New York State on the strength of business conditions.  Readings above 0 indicate expanding or improving conditions while readings below 0 indicate contraction.   This data has indicated steady improvements since August of 2009.The New York Fed reported that manufacturing conditions continue to improve, coming in at 24.9. This was much better than what economists had expected.   Despite that, the bond market had very little reaction to this lower tier report. However in the lunch hour MBS prices began to rally and a few lenders even passed along lower mortgage rates.Reports from fellow mortgage professionals indicate lender rate sheets to be slightly improved from yesterday, which were pretty much the same as Friday.  The par 30 year conventional rate mortgage remains in the 4.875% to 5.125% range for well qualified consumers.  There are however a few lenders offering 4.75% at par, but that will require discount points be paid by the consumer.  To secure a par interest rate you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point loan origination/discount/broker fee.  You may elect to pay less in closing costs but you will have to accept a higher interest rate.  This is ideal for any consumer not planning on keeping their home for more than three years – by: Victor Burek

Refinance Demand Still Slow. Mortgage Rates Move Higher Again

Mortgage Rates moved higher today.The main event on the day was the second of three US Treasury auctions scheduled for this week. Today’s auction offered $25 billion 10 year notes. The 10 year is more influential over mortgage rates than the 3 year Treasury note. Unfortunately, much like the 3 year note auction, this auction was weaker than anticipated, which consequently pushed mortgage rates higher afterwards. Matt and AQ covered the results shortly after the auction. You can see, they issued a reprice for the worse alert immediately. – Victor Burek

Mortgage Rates End Week Slightly Higher

After three below average Treasury auctions and a few days of positive progress in stocks, mortgage rates are ending the week slightly higher than where they started.Based on about 20 investor rate sheets, the best rate a consumer could be quoted, without paying a 2 points, is 4.75%, but only a few lenders are offering rates that low at the moment. For the most part, the best mortgage rate consumers could be quoted is 4.875%. – Adam Quinones

Have an FHA mortgage? Get a loan to

  It’s good to be green. No, seriously. While overly pro-social messages generally irritate me (such as when Desperate Housewives added not-so-cleverly hidden messages of recycling into it’s last episode), I do agree with the efficiency of being green.
Most of us probably wouldn’t spend extra money on appliances, home improvements, or cars just for the sake feeling like we’ve helped the planet – but we would do it if it meant we were saving money in the long run. Well, at least personally, it makes sense to me to spend a little extra to save a lot more in the future. And if I’m being green along the way – even better. And that’s why there’s good news for potential home buyers who have been considering green home improvements, once they own their dream home. New York Times recently published an article on new opportunities for homeowners to finally make those improvements.According to the Times, Fannie Mae announced an unveiling of new incentives by this summer for homeowners who want to use part of their mortgage for energy-related improvements. Previously, only FHA Mortgages offered larger loans for homeowners who needed additional funds for energy-related improvements. These upgrades have to yield long-term savings, and offer many homeowners up to 5% above what they could have qualified for in a conventional loan. FHA loans have become one of the most popular loans due to its flexibility with credit scores and low down payment requirements. But out of the many homeowners who received an FHA loan last year – only 3,088 chose the energy efficient mortgage option according to Times.

Mortgage Rates Went Down Again and Could Possibly Help You out

Mortgage rates dipped below 5 percent again, a key level that may boost home loan demand, according to a closely watched mortgage survey on Thursday. The lowest mortgage rates in decades and high affordability helped the hard-hit housing market find some footing last year after a three-year slump. Attractive rates bode well for the housing market, which remains highly vulnerable to setbacks and heavily reliant on government intervention.Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.97 percent for the week ended Feb. 11, down from the previous week’s 5.01 percent, according to a survey released by Freddie Mac (FRE.P) (FRE.N), the second-largest U.S. mortgage finance company.That is below the year-ago level of 5.16 percent, but above the record low of 4.71 percent in early December. Freddie Mac started the survey in 1971.”Interest rates on 30-year fixed-rate mortgages are below 5 percent for a third week this year, which helps a number of homeowners to refinance their existing housing debt,” Frank Nothaft, Freddie Mac vice president and chief economist, said in a statement.

First Time Homebuyer Tax Credit

Are you looking for a home for the first time? Maybe your looking for you home for the second or third time? Well if so then your in luck!!
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. So talk about a deal to miss out on people. If i was asked how much longer this would go on for, I would say not that long at all. Here we are already in february 2010, so take this while you can!! -RatesAreHot.com

Looking For a Home But Want The Best Mortgage Rate Possible, Well go to RatesAreHot.com

 

Looking for a new home? But want the best mortgage Rate possible without having to go to different banks trying to find out..? Well thats what RatesAreHot.com is here for. And best of ALL its FREE PEOPLE, and boy do we love free stuff!! This all takes ten minutes, just to go onto our website and fill out your information that we need to know about yourself and your financial life and we submit yor information up too 5 lenders to see how much you can get the best rate… This doesnt cost a penny at all, all FREE and within two to three business days , you will get that call if you are approved. And something that we do also is tell you (the consumer) how much you can pre-qualify with out special mortgage caculator, so when these banks get your info , they already know how much you prequalify for and it gives you a better chance of qualifying!!